The movement to adopt Bitcoin as an asset for state treasuries is gaining momentum, with Coinbase publicly endorsing the idea of a strategic reserve for the US.
Wyoming and Massachusetts have joined the growing list of US states ready to vote on establishing a strategic Bitcoin reserve. The proposals were introduced on January 17, when representatives from both states submitted draft legislation to that effect.
In Wyoming, Representative Wasserburger filed House Bill 0201 (HB0201), which would authorize the state treasurer to invest public funds exclusively in Bitcoin, excluding other cryptocurrencies. The proposal is relatively conservative, limiting investments to 3% of each state fund, whereas states like Pennsylvania and Oklahoma have proposed allocations of up to 10%. Under the proposed legislation, investments could be made through direct purchases or Bitcoin ETPs.
On the opposite coast, in traditionally Democratic Massachusetts, Republican Senator Peter Durant introduced a proposal allowing up to 10% of the state’s $9 billion emergency fund to be invested in Bitcoin.
Currently, nearly one-fifth of US state legislatures are preparing to formally evaluate the investment of public funds in Bitcoin. Notably, all these proposals have been introduced by Republicans following Donald Trump’s re-election.
Further strengthening the movement, January 17 also saw Brian Armstrong, CEO of Coinbase, publicly advocate for the creation of a US strategic reserve in Bitcoin.
In a blog post on Coinbase, Armstrong stated:
“The next global arms race will be in the digital economy, not space. Bitcoin could be as foundational to the global economy as gold and will become central to national security in a world where holdings of Bitcoin can shift the balance of power among nation-states.”
